Wall Street Banks Poised for Regulatory Victory as Powell Signals Policy Shift

Wall Street banks are on the brink of a major regulatory win as Federal Reserve Chair Jerome Powell indicated a potential shift in regulation that could reduce their capital requirements. Powell's unexpected comments to lawmakers suggested substantial changes and even the possibility of a complete overhaul to the existing plans, casting doubt on the Biden administration's regulatory agenda. The proposed changes have caught industry lobbyists off-guard and have significant implications for the financial sector.